The chair of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, gave a harsh assessment of the cryptocurrency industry, saying that it is “full of fraud, abuse, and misconduct.”
On Sept. 12, Gensler gave testimony in front of the Senate Banking Committee at the Capitol. Gary is aware of the world of digital currency, and he always says that crypto platforms are in direct violation of existing security laws.
Concerning the cryptocurrency sector, Gensler says, “If they were to live up to the invested protection built into their current laws, it would help investors. But right now, unfortunately, there’s significant noncompliance, and it’s a field that is rife with fraud, abuse, and misconduct.”
Also Read: Gensler to Stand Firm on Crypto Enforcement in Senate Hearing
